GreenRoc Strategic Materials (LON: GROC) has signed a letter of intent to acquire a site in southern Norway for a graphite active anode materials production plant and it has applied for strategic project status from the EU for the Amitsoq graphite mine in south Greenland. This could provide priority treatment in the permitting process and potential for EU financial support. Final project description has been submitted to the Greenland government. The share price jumped 47.6% to 1.55p, which is just below the high for the day.
Oxygen enrichment technology developer Belluscura (LON: BELL) is increasing sales, but it has reduced its 2024 guidance to $8m-$10m, depending on the timing of the launch of DISCOV-R in the second half. Dowgate had expected revenues of $16m and it has cut the estimate to $9m. It is sticking with $30m for 2025 revenues, which would be enough to be profitable, but this appears optimistic. More cash will be required in the second half, so that sales can ramp-up faster. The share price recovered 50% to 16.5p.
The US FDA has granted Faron Pharmaceuticals (LON: FARN) fast track designation for Bexmarilimab for treatment of relapsed or refractory myelodysplastic syndrome (r/r MDS) in combination with azacitidine. There have been positive phase 1 and phase 2 results. The overall response rate was 79%. Faron Pharmaceuticals had cash of €30m at the end of June 2024 and this should last until the end of the first quarter of 2025. The share price improved 15.6% to 200p.
Kazera Global (LON: KZG) chair John Wardle bought 9.5 million shares at 0.7p each, taking his stake to 5.62%. Catalyse Capital and related parties RS and CA Jennings has reduced its interest from 29.9% to 28.7%. The share price rose 8.57% to 0.95p.
FALLERS
Helium One Global (LON: HE1) is acquiring 50% of Blue Star Helium’s Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. An initial six development wells are planned for later this year. They could generate an annual income of $2m. Cynosure Capital is subscribing £6.43m at 1.09p/share. The share price slipped 16.7% to 1.45p. That cash will fund $1.5m of past costs, plus up to $2.7m on the six wells. There will also be $2.55m required for capital investment. The extended well test at Itumbula West-1 in Tanzania has flowed at up to 7.6% helium. The well flowed an average of 786 barrels per day.
Allergy Therapeutics (LON: AGY) says that two major shareholders are providing a further £5m from the working capital facility they provide. That should last until September. There is £12.5m left to draw down. The grass allergy treatment should be launched in Europe over the next 12 months. The share price fell 8.6% to 4.25p.
Alien Metals (LON: UFO) says work on the Pinderi Hills silver and precious metals project by joint venture partner Errawarra shows that the Munni Munni Mafic complex is highly prospective for PGEs, nickel and copper. This is at no cost to Alien Metals. Errarrawa has first right to acquire the remaining mineral rights. The share price is 6.45% lower at 0.145p.
United Oil & Gas (LON: UOG) says rumours about the 100%-owned Walton Morant licence in Jamaica are not true and it has not drilled any wells. A farm-out process has begun, and potential drill targets are being assessed. The share price declined 5.71% to 0.165p.